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Shanta Group in JV with UK firm
05
Apr '10
One of the leaders in garment production, Shanta Group, is in talks with a UK company to sell a certain amount of shares in two of its units for $15 million.

According to one of the directors of the company, Khondoker Jamil Uddin, more than 51 percent of these shares, will stay with Shanta Group for the 'purpose of operational benefits'.

A six-member team from UK are negotiating with the shareholders of Shanta Group to strike a deal. However, Jamil informed that since everything is going as per plan, the deal is soon to be signed.

Located at Dhaka Export Processing Zone, shares from both Shanta Industries and Shanta Denim will be sold. Shanta Industries was established in 1998 and Shanta Denim in 2002. As per Jamil, Shanta was facing problems in manning the business and had therefore decided for foreign partnership.

Insufficient supply of gas and power was making it impossible for them to meet their production deadlines. Trousers, shorts, shirts, blouses, dresses and vests are products produced by Shanta Industries and Shanta Denim.

Tommy Hilfiger, American Eagle, Gymboree, GAP, International Sourcing, Marks and Spencer, Levis and Next are some of Shanta's primary customers.

Of the total number of 7000 labourers working in Shanta Group, almost 4000 are employed in the above mentioned factories. Apparels worth $55 million were exported in 2009 of which Shanta Denim accounted for $30 million.

Shortage of gas and power, frequent labour unrest, fall in the export orders from international buyers and continued downward price pressure from them are the problems forcing other important groups as well, to hunt for either more global purchasers or enter into joint-ventures.

Fibre2fashion News Desk - India

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